学术论文

This paper studies how globalization affects the corporate tax policies of U.S. manufacturing firms. Using U.S.-granting China Permanent Normal Trade Relations as a quasi-natural experiment, we find a significant increase in tax reduction activities for firms facing higher exposure to Chinese imports. The effect is more pronounced for firms with higher managerial slack. We also find that the effect is stronger for firms in less diversified products market and faster changing industries. We also show that U.S. firms facing higher Chinese import competition are more likely to engage in other tax-motivated activities: acquisition of subsidiaries in low-tax regions and suspected transfer pricing. Furthermore, we explore the 2017 tax cut and the recent U.S.-China trade dispute and find that firms engage less in tax reduction activities after the 2017 tax cut and after the tariff increase for Chinese imports.

对于使命取向 (calling orientation) 的人而言，工作意味着个人成就以及为更美好的世界作出贡献。工作取向 (job orientation) 的人则将工作视为达到财务目标的一种方法。对于使命取向的人是否能比工作取向的人获得更有利的客观职业成就，例如更高的收入和晋升机会，学术界有不同的意见。我们认为意见不同，部份是由于过往的研究只专注于这些工作价值取向如何影响个人付出努力和其后的工作表现。借鉴信号理论、认知偏差和互惠理论，我们认为比起工作取向的员工，使命取向的员工能通过外部途径获得更好的客观职业成就：因为管理者误解使命取向代表绩效更高和组织使命感更强。研究一（威斯康星州的纵向研究分析）能够印证此主要效应，而透过研究二（网上实验），我们亦得出相同的结论，并找到证据支持我们预测的解释机制。此外，管理者观察使命取向的员工时，会促使他们对该员工其他领域的表现产生良好印象，产生光环效应。我们的研究揭示了个人对工作意义的主观看法如何影响他们的客观职业成就，从而带出工作场所信号和管理观念属两个重要的机制。

We re-examine the puzzling pattern of lead-lag returns among economically-linked firms. Our results show that investors consistently underreact to information from lead firms that arrives continuously, while information with the same cumulative returns arriving in discrete amounts is quickly absorbed into price. This finding holds across many different types of economic linkages, including shared-analyst-coverage. We conclude that the ǣfrog in the panǥ (FIP) momentum effect is pervasive in co-momentum settings, suggesting that information discreteness (ID) serves as a cognitive trigger that reduces investor inattention and improves inter-firm news transmission.

神经科学和社会心理学的大量文献指出，人类天生对别人如何看待自己很在意。在本文中，我们提出投资者的印象管理策略最终亦可以主导他们以口碑相传方式所传递的内容，并可能不经意间造成噪声的传播。我们分析来自美国最大的投资相关网站之一的伺服器日志档数据，发现结果与我们的见解一致，即投资者会更积极地分享适用于印象管理的文章，即使这些文章不太准确地预测回报。其他分析亦指出，高层次的此类分享会导致定价过高。

We examine takeover auctions when an informed bidder has better information about the target value than a rival and target shareholders. The informed bidder’s information is either hard or soft, and only hard information can be credibly disclosed. We show that withholding information creates a winner’s curse, thereby serving as a preemption device that deters the rival’s participation. In turn, an endogenous dis- closure cost arises that induces the informed bidder to optimally withhold favorable information to minimize the acquisition price—breaking down the standard unraveling result, even if his information is always hard. Perhaps surprisingly, stronger competition from the uninformed bidder can reduce the target shareholders’ payoff and increase the payoff of the informed bidder while unambiguously improving social welfare. Moreover, “hardened” information can reduce the gains to trade, decreasing welfare but increasing shareholders’ payoff. Our results provide a cautionary note to promoting more competition and more disclosure.

We examine how investor demand for leverage shapes asset management fees. We show that in the sample of U.S. equity mutual funds: (1) fees increase in fund market beta precisely for beta larger than one; (2) this relation becomes stronger and high-beta funds experience larger inflows when leverage constraints tighten; and (3) low net alphas are especially common among high-beta funds. These results are consistent with a model in which asset managers compete for leverage-constrained investors with heterogeneous risk aversion. The asymmetric relation between betas and fees also extends to the HML and SMB factors.

We investigate the real effects of foreign exchange (FX) volatility on technological innovation. Using a 32-market, three-decade sample, we show that heightened FX volatility associates with significantly lower firm-level R&D expenditures, patents granted, and forward citations. The negative FX volatility-innovation relation can be attributed to precautionary savings needs and trade slowdown. The relationship is stronger for firms with financial constraints, with the use of foreign debt, and in more open economies; it is weaker for firms with derivatives hedging, with higher sales, and in countries with better financial development.

积极进行研发的企业，会在国际股票市场上获得更高的股票收益，这凸显了无形投资在国际资产定价中的作用。此研发效应在增长期权风险更有可能作定价的国家较强，但与市场情绪和套利限制所代表的国家特征无关。此外，我们发现研发强度与未来经营表现较佳、回报波动性和违约可能性息息相关。我们的证据显示，研发强度与股票收益之间的横向关系更可能归因于风险溢价，而非错误定价。

We investigate whether short interest affects supply chain partners' investments. This investigation is important for understanding the real effect of short sellers in facilitating stakeholders' investment decisions. Prior research suggests that short interest conveys negative news in a timely manner, which predicts future deterioration in firm fundamentals. We predict and find that a supplier's future investments decrease with its major customers' short interest. Consistent with predictions, this result is more pronounced when customers' short interest is more informative about their future performance, when customers have a more opaque information environment, and when suppliers incur lower customer switching costs. The results are robust when we use various approaches to address endogeneity concerns and establish causality. Our findings suggest that short sellers provide valuable information to supply chain partners when making investment decisions.